In the wake of the recent raft of accounting scandals, the American way may no longer be the model it once was. But one area where we can still learn from the US is the speed with which they respond to such events.

It's now just over six months since the energy giant's collapse but Enron's auditor, Arthur Andersen, has already been tried and found guilty of obstruction of justice.

The US Senate Banking Committee has approved an accounting reform bill to establish a new independent oversight board authorised to discipline accountants. Although controversial, it looks like an increasingly likely bet for passage in modified form.

Meanwhile, federal energy regulators are busy investigating evidence that Enron manipulated California wholesale electricity prices during the state's power crisis.

But the efficiency of the US system is not just in evidence in the Enron case. The first public hearing into the €3.85 billion accounting scandal at telecoms giant WorldCom, which broke just last week, takes place on Monday.

For those used to the leisurely pace of our various tribunals, such speed is dizzying.